Omega-3 products are essential nutrients that can benefit cardiovascular health and cognitive functions. Omega-3 fatty acids such as EPA and DHA can reduce inflammation and lower blood pressure and triglyceride levels. They are found in fish oil supplements and fortified foods & beverages. Omega-3 supplements are gaining popularity as a dietary supplement to promote heart and brain health. People are increasingly incorporating omega-3 rich foods like fish, chia seeds, and walnuts in their diet to improve overall well-being. However, getting enough omega-3 from diet alone can be difficult for many. This has boosted the demand for omega-3 enriched products.
The global Omega-3 Products Market is estimated to be valued at US$ 47500.55 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the omega-3 products market is the growing preference for vegetarian and vegan omega-3 sources. Traditional omega-3 mainly comes from fish oil. However, a significant percentage of population prefers plant-based alternatives due to allergy, sustainability or ethics issues. This has spurred innovations in algae- and plant-based omega-3 products. Companies are developing novel vegan DHA and EPA ingredients from sources like microalgae to attract health-conscious flexitarians and vegans. Technologies enabling large-scale production of algal oil have made algal omega-3 price competitive. Rising veganism is a key trend expanding the addressable market for omega-3 producers.
Threat of new entrants: The threat of new entrants in the omega-3 products market is moderate as the market is dominated by key global players and requires high R&D and production costs to develop sustainable sources of omega-3 fatty acids.
Bargaining power of buyers: The bargaining power of buyers in the omega-3 products market is high due to the availability of substitutes and undifferentiated products offered by various manufacturers. Buyers can switch between brands easily based on price and offers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key players source omega-3 fatty acids from fish, algal, and krill oil manufacturers located globally and have alternative sourcing options.
Threat of new substitutes: The threat of substitutes is high as other edible fats and oils can replace omega-3 products. Additionally, consumers are shifting towards a more balanced and healthy diet.
Competitive rivalry: The competitive rivalry in the omega-3 products market is high owing to the presence of many private label and global brands offering similar products. Companies compete on the basis of product differentiation, innovation, and pricing.
The Global Omega-3 Products Market Size is expected to witness high growth over the forecast period driven by increasing consumer awareness about nutritional benefits.
North America leads the global omega-3 products market due to rising health consciousness and growing demand for dietary supplements. The United States accounts for the largest market share in the region.
Key players operating in the omega-3 products market are Nestle SA, Unilever PLC, Amway Corp., Aker BioMarine, Blackmores Group, Herbalife Nutrition Ltd, Glanbia PLC, Reckitt Benckiser Group PLC, Natrol LLC, Nordic Naturals Inc., Now Foods, and Pharmacare Laboratories Pty Ltd. These players are focusing on new product launches and partnerships to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it